RV loan financing can help make your RV dream come true!

You and your family have finally decided on the ideal recreational vehicle to suit your dreams of living a life on the road. You have been realistic and dedicated throughout the process of choosing the perfect, most suited recreational vehicle, but it has all been worth it. Do not let the aspect of RV loan financing get in the way of such a joyous occasion! RV loan financing has an intimidating aura, when in actuality RV loan financing is an easy and straight forward process. As long as you pay the finance process as much attention as you did the RV picking out process, you will be fine and sure to lock in the best financial option for you. Let the anticipation to get behind the wheel of your new or used recreational vehicle be the inspiration to stay focused, organized, and diligent during the recreational vehicle loan financing process.


The choice to finance your new or used motor home is a wise one. There are many different benefits to financing a loan. One of the most important benefits is that the application process will gently force you into creating a financial plan for yourself. The plan will guide you through analyzing your personal budgetary needs. A RV loan financing plan will assist you in the assessment of your finances, so that your loan will suit you best. Another benefit of RV loan financing is the building of equity and credit. In RV loan financing terms, equity can be defined as the percentage of the recreational vehicle you actually have paid, therefore own. Credit can be defined as the percentage approved by the lending source that you can afford to pay back. RV loan financing can also give you the benefit of an additional tax deduction (*note: only if you are claiming the motor home as a second home. Always check with your accountant or tax consultant before making any changes to your IRS tax return).


Make sure when you are applying for recreational vehicle financing that you have taken the time to know your budget. When assessing your current budget and forecasting future budgets, remember to think about:

    • Down payment (the amount you put down will affect both your interest rate and your monthly payments)
    • Monthly payment (will be affected by interest rate and length of term)
    • Length of loan term
    • Misc. expenses after RV purchase (gas, food, hook up fees, dishware,

cleaning products, etc.)

After you and your loan officer or lending agent have communicated about your RV loan financing needs, and you feel completely comfortable with the decisions you have made, you will fill out the actual RV loan financing application. You will probably need past tax return forms (1040), employee references, and a current credit report (lending office will be able to request this on their own). Make sure you pay attention to the details and answer the entire recreational vehicle loan financing application truthfully. The next step in the process is simply to wait to hear back from your lending source and loan officer. In general, the process should take no longer than 48 hours. If you are buying a used motor home, the time may take longer if the lending company sends an official inspector to the location of the motor home. This may take up to 5 business days, depending on the accessibility of the used recreational vehicle.

The decision to finance the purchase of your new or used motor home is smart. The time you invest in research, paying attention to detail, and asking specific questions that match your personal needs will all reap you benefits in the long run. It is your home away from home, so do not settle for what your gut thinks is wrong. Make head strong decisions and enjoy your dream come true!


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